Kenyan Economy Lost Ksh25.9 Billion To Cyber Threats

Kenyan economy lost at least Ksh.29.5 billion in 2018 due to cyber threats and crimes, a newly-published study shows.

This reflects a 39.8 percent increase in cyber-risk associated cost from the incurred Ksh21.1 billion in 2017.

The report by the pan-African based cyber-security and business consultancy Serianu indicates that there was improved rating in cyber-crime awareness for both firms and individuals in the year under review.

“We are in a panic mode. A lot of the investments we see today are panic purchases made as a quick purge to the prevailing challenge,” said Serianu Managing Director William Makatiani.

“You can buy a very good Maserati, but if the road is in a bad shape and not working well, the car is ruined within a few months,” he added.

Cyber security infrastructure and panic stations gobbled up 70 percent of the amount.

The report indicates that there are 1700 cyber professionals in the country currently against a demand of 10,000 experts.

The shortfall in skills is largely seen in senior and mid-management levels with 60 percent of surveyed companies reporting talent shortages in the cyber-risk mitigation department.

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The firm managers are however urged to be steadfast in their intervention given the nature of the ever changing threat.

“While the rise in interest is commendable, it is still far too slow to make a real impact. Since most sensible companies have a business continuity plan as part of risk management, it is emerging that several firms are yet to stress-test their plans against emerging and evolving cyber-security threats,” noted Serianu Senior Risk Consultant Nabihah Rishad.

2018 witnessed an increased level of cyber threat mainly entailed in the breach of financial services including mobile-money accounts and Automated Teller Machines (ATMs).

According to the Communications Authority of Kenya’s National Kenya Computer Incident Response Team & Coordination Centre (National KE-CIRT/CC), the country saw a total of 24.87 million cyber threats across 2018 with the bulk of the attacks taking place in the last quarter of the year.